Mammoth Energy Services, Inc. (TUSK) Earnings
Mammoth Energy Services, Inc. is expected to report next earnings on October 30, 2026 (in NaN days), with a consensus EPS estimate of $-0.20. TUSK has beaten EPS estimates in 0 of its last 10 reported quarters (average surprise -436.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 7, 2026 | — | $-0.02 | — | $26M | — |
| May 11, 2026 | — | $0.11 | — | $22M | — |
| Mar 6, 2026 | $-0.08 | $-0.26 | -225.0% | $9M | -75.9% |
| Oct 31, 2025 | $-0.07 | $-0.25 | -257.1% | $15M | -65.3% |
| Aug 8, 2025 | $-0.06 | $-0.74 | -1133.3% | $16M | -62.5% |
| Mar 7, 2025 | $-0.14 | $-0.32 | -128.6% | $53M | +36.8% |
| Nov 1, 2024 | $-0.01 | $-0.50 | -4900.0% | $40M | -14.1% |
| Aug 9, 2024 | $-0.07 | $-3.25 | -4533.6% | $52M | +19.9% |
| May 2, 2024 | $-0.03 | $-0.25 | -733.3% | $43M | -25.2% |
| Mar 1, 2024 | $-0.09 | $-0.12 | -33.3% | $53M | -18.1% |
| Nov 9, 2023 | $0.06 | $0.02 | -66.7% | $65M | -14.3% |
| Aug 11, 2023 | $0.10 | $-0.09 | -190.0% | $75M | -12.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Financial Performance * Total Q2 2026 revenue was $26.1 million, up 19% sequentially and 110% year-over-year. * Adjusted EBITDA was $2.6 million, up 37% sequentially, compared to a $3.5 million loss in Q2 2025; adjusted EBITDA margin hit 10%, ahead of original plan. * Mammoth remains completely debt-free, ending Q2 with $50.9 million in cash and $26.1 million in marketable securities, for a combined $77 million in liquid assets. * Net loss from continuing operations was $1.2 million ($0.02 per diluted share), compared to net income of $4.7 million ($0.10 per diluted share) in Q1 2026 and a net loss of $36.5 million ($0.76 per diluted share) in Q2 2025 (which included a $31.7 million non-cash impairment charge). - Capital Allocation * Total capital deployment in Q2 was ~$50 million, the most active quarter of capital deployment since building the aviation platform, including $44 million in capital expenditures. * Completed the first operating business acquisitions in 8 years: Mission Construction LLC and BERE Rentals LLC, for $6.5 million all-cash. Both are fiber optic services providers for utility customers in the US Midwest, adding experience, equipment, and crews to the Infrastructure segment. * Deployed $41.2 million of CapEx to the Rentals segment, almost entirely for aviation assets, bringing total deployed capital in the aviation portfolio to over $100 million. * Repurchased ~43,000 shares at an average price of $2.99 per share; the lower repurchase volume reflects prioritization of high-return aviation investment opportunities, not a change in view of equity value. * Management prioritizes return on investment: aviation assets will be sold if a sale delivers higher returns than continued leasing, so asset sale revenue will fluctuate quarter-to-quarter. - End Market & Operational Dynamics * LNG-driven natural gas demand is pushing record production and activity in the Montney basin, supporting the sand business. * Industry-wide demand for leased aircraft, engines, and auxiliary power units remains strong, with OEM production and maintenance capacity still constrained — a dynamic that favors Mammoth's aviation leasing model. * Permian basin drilling activity firmed through Q2 after a choppy start to 2026, driving improved drilling segment utilization. * Integration of the two newly acquired fiber businesses is progressing on schedule, with alignment of safety, project management, and maintenance practices underway.
Guidance
- Full-year 2026 revenue growth guidance is raised to greater than 90% year-over-year, up from the prior May guidance of greater than 60% and the original March guidance of greater than 50% — this marks the second upward revenue revision in 5 months. - Full-year 2026 adjusted EBITDA margin guidance is raised to in excess of 10%, putting the achievement of double-digit margins roughly one year ahead of the original 2027 target; management reaffirmed full-year 2026 will be adjusted EBITDA positive, a target first confirmed in the May upward revision. - Management expects a much stronger second half of 2026 for the Sand segment, driven by firming volumes and ongoing margin improvement. - Infrastructure segment revenue contribution is expected to grow through the second half of 2026 and into 2027 as the newly acquired fiber businesses are fully integrated. - The full-year guidance excludes projected aviation asset sales (first half 2026 included $8.5 million in asset sale revenue), so any future asset sales will represent upside to the current outlook.
Segment performance
1. Rentals: Total segment revenue of $10.2 million, down 22% sequentially and up 229% year-over-year. Segment adjusted EBITDA was $3.7 million, up 3% sequentially, with a 36% margin (up from 28% in Q1). The sequential revenue decline is entirely due to lower aviation asset sale revenue, while core recurring lease revenue for aviation and equipment rental grew strongly. The segment ended Q2 with 38 aviation assets (up from 27 in Q1), 23 of which were on lease (up from 21 in Q1); average equipment rental units on rent increased to 407 from 389 Q1. Revenue contribution: ~39% of total Q2 revenue. 2. Accommodations: Segment revenue of $3.2 million, down 9% sequentially and up 78% year-over-year. Sequential decline reflected normal seasonal softening in occupancy, but occupancy grew 79% year-over-year, showing strong underlying demand. Revenue contribution: ~12% of total Q2 revenue. 3. Drilling: Segment revenue of $3.8 million, up 171% sequentially and up 443% year-over-year. The segment turned positive adjusted EBITDA at $0.6 million, ahead of management's prior timeline. Utilization more than doubled quarter-over-quarter, driven by firmed activity in the Permian basin. Revenue contribution: ~15% of total Q2 revenue. 4. Sand: Segment revenue of $8 million, up 105% sequentially and up 48% year-over-year. The segment sold 229,000 tons (up from 156,000 tons in Q1), with an average selling price of $21.36 per ton (up from $19.49 in Q1). Gross margin turned positive in Q2, and adjusted EBITDA loss narrowed 71% sequentially, though the segment still remained negative adjusted EBITDA. Revenue contribution: ~31% of total Q2 revenue. 5. Infrastructure: Segment revenue of $0.9 million, up sequentially from a low base but still down year-over-year during an ongoing operational reset. The two acquired fiber optic businesses closed June 12, so only contributed ~3 weeks of revenue in Q2. Revenue contribution: ~3% of total Q2 revenue.
Risks & headwinds
- There is a natural lag between acquiring aviation assets and placing them on lease; Q2 fleet growth outpaced lease placement, so near-term revenue contribution from recently acquired aviation assets depends on successful and timely on-lease placement. - Industry-wide supply chain delays and equipment shortages are emerging, which could impact equipment availability and acquisition timelines across multiple business lines. - The Sand segment is currently near effective staffing capacity, requiring additional hiring and shift additions to support further volume growth. - Share repurchases are limited by regulatory trading volume constraints and blackout windows around material non-public events, limiting the pace of repurchase activity even when management views the share price as undervalued.
Analyst Q&A
Q: What are Sand segment volume and price trends for H2 2026, and are 2027 customer conversations underway? What is the current utilization of Sand production capacity? /
A: Management sees firming volumes through Q3 and the rest of 2026, with growing demand for coarse grade sand. Encouraging conversations for 2027 supply agreements are already ongoing with customers. The business is currently near effective capacity with existing staffing, but has room to add shifts and personnel to support further growth. CapEx is being deployed to reduce fixed costs and improve gross margins.
Q: What is Mammoth observing in the equipment rental market, and have supply chain disruptions impacted any business lines? /
A: Management confirms market tightening, with delays in equipment delivery starting to push rental prices positively. Mammoth has not experienced material direct impacts from supply chain disruptions to date. The company proactively purchases available equipment when opportunities arise, and its strong liquid balance sheet allows it to move quickly to secure desirable assets.
Q: How does the Board evaluate share repurchase price points, and what are the priorities for future capital deployment? What is the path to positive free cash flow? /
A: The Board views the current share price as trading below the company's underlying tangible and replacement value, but repurchases remain opportunistic, prioritized against high-return business investments. Near term, ~$15 million in deployable capital is earmarked for non-aviation operating opportunities, with over $40 million in high-return actionable aviation acquisition deals in the current pipeline. Management expects the company is close to overall positive free cash flow, as the scaling aviation portfolio delivers steady recurring cash flow, and other segments are improving profitability.